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District Court Upholds ESOP Stock Cash-Out Feature for Terminated Employees
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Tharaldson Motels, Inc. ("TMI") is a holding company that owns and operates hotels in 36 states. TMI adopted an ESOP in 1998, which, by the end of 1999, had acquired 100 percent of TMI's stock. Prior to 2005, the governing plan documents required plan participants who terminated employment to elect either an immediate cash distribution or a reinvestment of their stock balance in a stable value account; the plan did not allow participants to retain their balances in TMI stock after termination of employment.
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ESOP Association |
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Founded in 1978, The ESOP Association represents more than 1,200 ESOP companies and 750,000 employee owners who believe that employee ownership will improve American competitiveness, increase productivity through greater employee participation, and strengthen our free enterprise economy. |
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NCEO - The National Center for Employee Ownership |
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The National Center for Employee Ownership (NCEO) is a private, nonprofit membership and research organization that serves as the leading source of accurate, unbiased information on employee stock ownership plans (ESOPs), broadly granted employee stock options and related programs, and ownership culture. They are the main publisher and research source in the field, hold dozens of workshops and conferences annually, and provide services to thousands of members. |
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Kaufman & Canoles |
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Attorneys in Kaufman & Canoles' Employee Benefits Group have established a full-time commitment to this area of concentration. They offer clients the highest level of expertise and sophistication in employee benefits counsel. |
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